iCloud and Hotmail

I have a hotmail account. That account is also my AppleID.

And the same account i set up on my iPhone 4.

On my PC I have MS Outlook 2010 also set up to the hotmail account.

It holds my mails, calender and contacts and it works Ok.

My wife also have a hotmail account and the same setup on her PC and iPhone 4 as I do, and we even share a calender to each other.

Since the upgrade to iOS 5, I would like to use iCloud only and make iCloud hold all my contacts, calender and mails and never use Outlook again, but only have the iPhone 4 setup to iCloud and from my PC use iCloud from the website.

I installed the iCloud on the PC and tried to set it up to Email, Contacts and Calender with Outlook, but it won't work.

If I got the idea with iCloud right, iCloud should hold all my Mails, Contacts and Calenders to make it acesseble from anywhere using a PC Browser or iPhone and make it possible to send mails using the hotmail account.

Am I right or doing anything wrong?